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Please be descriptive.
The inverse market demand curve for bean sprouts is given by P(Q) 100...
The inverse market demand curve for bean sprouts is given by P(Y ) = 100−2Y ,...
The inverse market demand curve for bean sprouts is given by P(Y ) = 100−2Y , and the total cost function for any rm in the industry is given by TC(y) = 4y. Suppose the 2 cournot firms operated in the market. What would the reaction function of each firm be? If the two rms decided to collude, industry output would be ____ and the market price would equal _________ Suppose both of the colluding rms are producing equal amounts...
Oligopoly The inverse demand curve for brimstone is given by p(Y) 116-3Y (with Y total quantity...
Oligopoly The inverse demand curve for brimstone is given by p(Y) 116-3Y (with Y total quantity of brimstone, measured in the conventional units) and the cost function for any firm in the industry is given by TC(y)-8y (with y the output of the firm) a. Determine the industry output and price if the brimstone industry were perfectly competitive Suppose that two Cournot firms operated in the market (Firm 1 and Firm 2) Determine the reaction function of Firm 1. Do...
Please be descriptive. The market demand curve in a commodity chemical industry is given by Q...
Please be descriptive.
The market demand curve in a commodity chemical industry is given by Q 600 - 3P, where Q is the quantity demanded per month and P is the market price in dollars. Firms in this industry supply quantities every month, and the resulting market price occurs at the point at which the quantity demanded equals the total quantity supplied. Suppose there are two firms in this industry, Firm 1 and Firm 2. Each firm has an identical...
A homogeneous products duopoly faces a market demand function given by P a - Q, where...
A homogeneous products duopoly faces a market demand function given by P a - Q, where QQ Q2 and a>300. Both firms have constant marginal costs MC-100. There are no fixed costs. a) What is firm 1's optimal quantity given that firm 2 produces an output of 50 units per year? And what is firm's 1 quantity if firm 2 produces 20 units? [4 marks] b) Derive the equation of each firm's reaction function and provide a graphical explanation to...
Consider an (inverse) demand curve P = 30 - Q. And a total cost curve of...
Consider an (inverse) demand curve P = 30 - Q. And a total cost curve of C(Q) = 12Q. (a) Assume a monopolist is operating in this market. (i) Calculate the quantity (qM) chosen by a profit-maximizing monopolist. (ii) At the profit-maximizing quantity, what is the monopolistic market price (pM) of the product. (iii) Calculate the dead-weight loss (allocative inefficiency) associated with this monopoly market. Assume the market for this product is perfectly competitive. (i) Calculate the market-clearing output (qPC)...
consider a market with inverse demand curve p=400-4Q. costs per firm are given by C(q)= 16+10q+q^2...
consider a market with inverse demand curve p=400-4Q. costs per firm are given by C(q)= 16+10q+q^2 a) find the minimum efficient scale output level b) in a competitive market , how many firms will be active in the long-run c) suppose we have a cournot oligopoly with n firms . determine output of each firm and the equilibrium price d) find the long run equilibrium number of firms if the market is a cournot oligopoly and entry occurs until profit...
Reference the following information about the market demand function for questions 1 to 15. These questions...
Reference the following information about the market demand function for questions 1 to 15. These questions are on different types of market structures – monopoly, perfect competition, Cournot oligopoly market, and the Stackelberg oligopoly market. The market demand function is given the following equation: P = 1600 – Q where Q is the industry’s output level. Suppose initially this market is served by a single firm. Let the total cost function of this firm be given the function C(Q) =...
An industry consists of two Cournot firms selling a homogeneous product with a market demand curve...
An industry consists of two Cournot firms selling a homogeneous product with a market demand curve given by P=100-Q1-Q2. Each firm has a marginal cost of $10 per unit. (a) Find the Cournot equilibrium quantities and prices. (b) What is the Bertrand equilibrium price in this market? (c) Find the quantities and price that would prevail if the firms acted as if they were a monopolist (I.e. find the collusive outcome) and then find the equilibrium price and quantity that...
The market demand curve for a pair of duopolists is given as P=56- 2Q where Q=Q4...
The market demand curve for a pair of duopolists is given as P=56- 2Q where Q=Q4 + Q2. The constant per unit marginal cost is O for firm 1 and 2 for firm 2. Both firms also have no fixed costs. Find the equilibrium price, quantity and profit for each firm if firm 1 is the Stackelberg leader and firm 2 a follower. Now re-do the computations assuming that firm 2 is the leader and firm 1 the follower. (Round...
Please show step by step. Two firms compete in a market to sell a homogeneous product...
Please show step by step.
Two firms compete in a market to sell a homogeneous product with inverse demand function P= 600 - 3Q. Each firm produces at a constant marginal cost of $300 and has no fixed costs. Use this Information to compare the output levels and profits in settings characterized by Cournot, Stackelberg, Bertrand, and collusive behavior. Instruction: Do not round Intermediate calculations. Round final answers to two decimal places for Cournot values. Cournot output for each firm:...
Oligopoly The inverse demand curve for brimstone is given by p(Y) 116-3Y (with Y total quantity of brimstone, measured in the conventional units) and the cost function for any firm in the industry is given by TC(y)-8y (with y the output of the firm) a. Determine the industry output and price if the brimstone industry were perfectly competitive Suppose that two Cournot firms operated in the market (Firm 1 and Firm 2) Determine the reaction function of Firm 1. Do...
Please be descriptive.
The market demand curve in a commodity chemical industry is given by Q 600 - 3P, where Q is the quantity demanded per month and P is the market price in dollars. Firms in this industry supply quantities every month, and the resulting market price occurs at the point at which the quantity demanded equals the total quantity supplied. Suppose there are two firms in this industry, Firm 1 and Firm 2. Each firm has an identical...
A homogeneous products duopoly faces a market demand function given by P a - Q, where QQ Q2 and a>300. Both firms have constant marginal costs MC-100. There are no fixed costs. a) What is firm 1's optimal quantity given that firm 2 produces an output of 50 units per year? And what is firm's 1 quantity if firm 2 produces 20 units? [4 marks] b) Derive the equation of each firm's reaction function and provide a graphical explanation to...
The market demand curve for a pair of duopolists is given as P=56- 2Q where Q=Q4 + Q2. The constant per unit marginal cost is O for firm 1 and 2 for firm 2. Both firms also have no fixed costs. Find the equilibrium price, quantity and profit for each firm if firm 1 is the Stackelberg leader and firm 2 a follower. Now re-do the computations assuming that firm 2 is the leader and firm 1 the follower. (Round...
Please show step by step.
Two firms compete in a market to sell a homogeneous product with inverse demand function P= 600 - 3Q. Each firm produces at a constant marginal cost of $300 and has no fixed costs. Use this Information to compare the output levels and profits in settings characterized by Cournot, Stackelberg, Bertrand, and collusive behavior. Instruction: Do not round Intermediate calculations. Round final answers to two decimal places for Cournot values. Cournot output for each firm:...
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